Capital One and Biogen plunged after reporting results that disappointed investors.
Amazon bucked the downward trend. The online retailer soared 10 percent after reporting a surprise profit in its latest quarter.
The Dow Jones industrial average lost 163 points, or 0.9 percent, to finish at 17,568.
The S&P 500 index lost 22 points, or 1.1 percent, to 2,079. The Nasdaq composite declined 57 points, or 1.1 percent, to 5,088.
Bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.27 percent.